"Capitalism needs ordinary people to carry out the production of the ingenious person’s ideas. While these people may not have this ability to invent new things, they must be respected for their labor and input and rewarded with a livable income."
Fay, this part of traditional economics may be changed over the next two decades or so. AI, now rapidly increasing in capacity and sophistication, and robotics (AI+R) are currently creating more jobs than they replace, but when AI becomes smart enough and robotics (used to build more robotics) becomes cheap enough, we face a momentous change the folks at RethinkX call "The Labor Disruption".
At first, the amortized cost of AI+R will be, conservatively, around ten dollars per hour, but as it progresses this will fall to a dollar per hour, ten cents an hour, ... The supply side of economics has traditionally been demographically limited by the number of capable workers. This limitation will by flung aside by AI+R. But the demand side of economics has traditionally depended on wages paid to workers to support their needs and generate demand. This will be destroyed, and will have to be replaced in order to have a functioning demand side to the economy. Something like Universal Basic Income (UBI) becomes essential.
The sociological impact of this will be cataclysmic. People who regard their jobs as their "purpose" will need to radically rethink this. Education (eventually supported by personal lifetime AI tutors, from kindergarten to doctoral level) will need to refocus from producing productive workers to supporting development of personal talents and interests (Maslow's self-actualization). The interim period while this change takes place will be tumultuous.
Thanks Don. You are correct of course, an entirely new economic system will have to evolve to accommodate the enormous changes from AI and robotics. But that's for you youngsters to resolve, I'll be long dead and gone before that time arrives. Thank Goodness.
I have seen this movie and to say that the interim period will be tumultuous could be the understatement of the century.
It will make automation and offshoring seem gentle and kind. Yes, UBI will become essential. But I imagine a revolution of Luddites emerging raging against the machine. This will not be a peaceful transition.
And some old coots like me are going to ask folks if they know how to grow food. When the monocultures we use now collapse, some of us will have saved some seeds.
I am sorry Bill, But I'm still glad I'll have left this earthly realm. As you say it will be tumultuous and we'd better hope that intelligent caring people are in control, which let's out the Heritage Foundation , contributors to Project 2025 and the entire MAGAt brigade from top to bottom.
Thanks Fay, a lot to ponder. I’ve said this before, the intentional dumbing down of our public school system is a problem for the future of this country or any other country. Hopefully Europe will continue educating their children to a higher degree to benefit all mankind. I really don’t see that happening in our country as long as we continue letting capitalism run rampant with out guardrails.
Gloria Maloney told me I should connect with you. I’m a former teacher now whistleblower trying to teach the public how education declined. Some of my work is at WhiteChalkCrime.com where you can listen to four other teacher whistleblowers explain what’s going on in education. I just published my teaching memoir to bring others inside the dreadful world of education as it is now. You are quite correct that civics and economics must be taught. I explain why that and how to become a citizen isn’t taught. My book also explains how our schools paved the way for Trump
Ulysses S Grant warned how important education is saying: "In a Republic like ours, where the citizen is the sovereign, and the official the servant, where no power is exercised except by the will of the people, it is important that the sovereign—the people—should possess intelligence. If we are to have another contest in the near future of our national existence, I predict that the dividing line will not be Mason's and Dixon's, but between patriotism and intelligence on one side, and superstition, ambition, and ignorance on the other."
That contest is before us now because empowered bullies are running corrupt, inept schools that abuse teachers into puppets. Our schools have turned Americans into forgotten men and women rather than citizens.
"Capitalism needs ordinary people to carry out the production of the ingenious person’s ideas. While these people may not have this ability to invent new things, they must be respected for their labor and input and rewarded with a livable income."
Fay, this part of traditional economics may be changed over the next two decades or so. AI, now rapidly increasing in capacity and sophistication, and robotics (AI+R) are currently creating more jobs than they replace, but when AI becomes smart enough and robotics (used to build more robotics) becomes cheap enough, we face a momentous change the folks at RethinkX call "The Labor Disruption".
At first, the amortized cost of AI+R will be, conservatively, around ten dollars per hour, but as it progresses this will fall to a dollar per hour, ten cents an hour, ... The supply side of economics has traditionally been demographically limited by the number of capable workers. This limitation will by flung aside by AI+R. But the demand side of economics has traditionally depended on wages paid to workers to support their needs and generate demand. This will be destroyed, and will have to be replaced in order to have a functioning demand side to the economy. Something like Universal Basic Income (UBI) becomes essential.
The sociological impact of this will be cataclysmic. People who regard their jobs as their "purpose" will need to radically rethink this. Education (eventually supported by personal lifetime AI tutors, from kindergarten to doctoral level) will need to refocus from producing productive workers to supporting development of personal talents and interests (Maslow's self-actualization). The interim period while this change takes place will be tumultuous.
Thanks Don. You are correct of course, an entirely new economic system will have to evolve to accommodate the enormous changes from AI and robotics. But that's for you youngsters to resolve, I'll be long dead and gone before that time arrives. Thank Goodness.
Very interesting comment!
I have seen this movie and to say that the interim period will be tumultuous could be the understatement of the century.
It will make automation and offshoring seem gentle and kind. Yes, UBI will become essential. But I imagine a revolution of Luddites emerging raging against the machine. This will not be a peaceful transition.
And some old coots like me are going to ask folks if they know how to grow food. When the monocultures we use now collapse, some of us will have saved some seeds.
I am sorry Bill, But I'm still glad I'll have left this earthly realm. As you say it will be tumultuous and we'd better hope that intelligent caring people are in control, which let's out the Heritage Foundation , contributors to Project 2025 and the entire MAGAt brigade from top to bottom.
Thanks Fay, a lot to ponder. I’ve said this before, the intentional dumbing down of our public school system is a problem for the future of this country or any other country. Hopefully Europe will continue educating their children to a higher degree to benefit all mankind. I really don’t see that happening in our country as long as we continue letting capitalism run rampant with out guardrails.
You are so right Nancy.
Gloria Maloney told me I should connect with you. I’m a former teacher now whistleblower trying to teach the public how education declined. Some of my work is at WhiteChalkCrime.com where you can listen to four other teacher whistleblowers explain what’s going on in education. I just published my teaching memoir to bring others inside the dreadful world of education as it is now. You are quite correct that civics and economics must be taught. I explain why that and how to become a citizen isn’t taught. My book also explains how our schools paved the way for Trump
Ulysses S Grant warned how important education is saying: "In a Republic like ours, where the citizen is the sovereign, and the official the servant, where no power is exercised except by the will of the people, it is important that the sovereign—the people—should possess intelligence. If we are to have another contest in the near future of our national existence, I predict that the dividing line will not be Mason's and Dixon's, but between patriotism and intelligence on one side, and superstition, ambition, and ignorance on the other."
That contest is before us now because empowered bullies are running corrupt, inept schools that abuse teachers into puppets. Our schools have turned Americans into forgotten men and women rather than citizens.